Brett Herbert, at LeClairRyan, has published an article summarizing recent Virginia legislative changes applicable to revocable trusts. His article begins as follows:
As more people elect to use revocable living trusts for estate planning purposes instead of traditional wills, the disposition of property will increasingly depend on the interpretation and determination of revocable living trust provisions. Virginia’s General Assembly (“General Assembly”), Virginia’s state legislature, recently acted, with House Bill 746, to address some of the principles governing revocable living trusts. House Bill 746, which has been signed into law, amends several statutory sections of the Virginia Code relating to trust and estate law (collectively, the “Amendments”). The Amendments serve to reduce some inconsistencies in the substance and interpretation of revocable living trusts and wills. This post summarizes the Amendments in general terms.
The article proceeds to discuss the following modified Virginia Code Sections:
- Virginia Code Sec. 64.1-412: Automatic Revocation of Certain Trust Distributions/Powers in the Event of a Divorce
- Virginia Code Sec. 64.1-415: Ademption Principles are Extended to Revocable Living Trusts
- Virginia Code Sec. 64.1-416: Principles Governing Gifts that Fail to Pass are also Extended to Revocable Living Trusts
- Virginia Code Sec. 64.1-418: Anti-Lapse Principles are Extended to Revocable Living Trusts
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.